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Research Update: Gigaset 02. April 2012  How to handle cash cows When we resumed coverage in November 2010, Gigaset was a simple investment case: Gigaset was a zero growth-cash rich technology leader which was clearly undervalued because of ... ...VISCARDI Research bestellen... |
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Research Update: Gigaset 31. Januar 2012 Preliminary figures & rolling out 2013e estimates ... With the publication of the 2011 preliminary figures, we expect the ... and believe that the market will refocus on Gigaset’s valuation ... ...VISCARDI Research bestellen... |
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Research Update: Gigaset 18. November 2011 The start of a positive margin cycle The third quarter was by far the cleanest quarters we've seen from Gigaset in years, with no one-offs and profitability materially exceeding our estimates and consensus. The only hair on the quarter appears to be a ... ...VISCARDI Research bestellen... |
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Research Update: Gigaset 11. August 2011 1.3x EV/EBITDA 2012e We reiterate our ***** rating on a highly attractive risk reward profile… Gigaset continues to deliver robust earnings growth, despite a deteriorating economic environment. While cost pressures could impact growth in the ... ...VISCARDI Research bestellen... |
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Research Update: Gigaset 14. Juni 2011 Key takeaways from the AGM On June 10, Gigaset held its 2010 annual shareholder meeting in Munich. The following information was provided to the shareholders ... ...VISCARDI Research bestellen... |
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Research Update: Gigaset 09. Mai 2011 Q1: Clean beat - Raising estimates and PT Publishing Q1/11 report Q1 revenues were €150.2, 6.8% above eViscardi and somewhat surprising in light of the recent reports by peer group telco equipment suppliers like ... ...VISCARDI Research bestellen... |
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Research Update: Gigaset 05. April 2011 Healthy fundamentals, M&A cycle ahead Publishing 2010 annual report Gigaset published its 2010 report yesterday. The company reported revenues from continued operations of €503.7mn, down from €556.0mn in 2009 which included the ... ...VISCARDI Research bestellen... |
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Research Update: Arques Industries AG 23. November 2010 Reshaping Arques into Gigaset AG We resume coverage with a ... rating and a PT of €... Until recently, Arques’ poor share price performance was a consequence of unsolved legal proceedings with Siemens - which most of us believed Arques would not survive - and liquidity concerns driven by poor performance of ... ...VISCARDI Research bestellen... |
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Research Update: Arques Industries AG 13. März 2009 Substantial write-downs Release of preliminary FY2008 figures Arques FY2008 results were below expectations. Revenues increased to €5.5bn from €2.1bn in FY2007, beating management guidance of €5bn+, but missing our forecast of... ...VISCARDI Research bestellen... |
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Research Update: Arques Industries AG 06. März 2009 It’s clearance sales now Sale of Rohé and Hünert Tanktechnik Following the sale of four subsidiaries BEA, ddp, Evotape und Rohner in a portfolio transaction to BluO and the divestment of Gigaset’s broadband business to French Sagem Communications, Arques sold... ...VISCARDI Research bestellen... |
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Research update: Arques Industries AG 21. November 2008 More pain to come - Cutting to Sell Q3 below our estimates and consensus Arques reported 9M/08 revenues of €3.9bn (+293.9% YoY), slightly below our forecasts of €4.1bn. EBIT of €-92.3mn fell significantly short of our estimates of €-47.4mn with downside coming from high depreciation and... ...Subrscribe to VISCARDI Research... |
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Research update: Arques Industries AG 01. September 2008 Arques + Aurelius = Arquelius Small fast fish sometimes eat large sluggish ones According to rumors reported in the German Handelsblatt newspaper, Aurelius plans to acquire Arques. It is astonishing that such rumors, which tend to originate in the summer lull, actually linger as long as they do. What is even more astonishing is the fact that they have prompted some of fellow... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 01. August 2008 Takeover of Siemens cordless phones Arques takes over SHC from Siemens Arques acquires an 80.2% stake in Siemens Home and Office Communication (SHC). SHC develops and produces premium Products for home communications like cordless and fixed line phones, Voice-over-IP products, ... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 23. Mai 2008 Operating results Q1/08 significantly higher than previous year without bargain purchase For the first time in its history, Arques has presented in its quarterly report an EBITDA that reflects with €15.3mn nothing but its operating figures, i.e. has not been influenced by earnings form any bargain purchase. However, it ... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 28. April 2008 First acquisition in 2008 Arques takes over Spanish ASM Arques is taking over the Spanish parcel delivery service company Agencia Servicios Mensajeria (ASM). ASM undertakes courier, transport and special logistics services for major customers in the telecommunications, banking... ...Subscribe to VISCARDI Research... |
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Research update: ARQUES Industries AG 14. April 2008 Trade sale of Jahnel-Kestermann Third sale in 2008 Jahnel-Kestermann (JaKe) is already the third holding to be sold this year. Although the transaction proceeds of €20-21 mn correspond to the NAV of €20,5mn adjusted in the annual report, they are still significantly below the NAV of €37.5mn published last November or, respectively, below the ... ...Subscribe to VISCARDI Research... |
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Research update: ARQUES Industries AG 02. April 2008 Significant NAV adjustments Q4 only partly in line with expectations - With sales revenues of €2,102.3mn and EBITDA of €202.7mn, the company fulfilled the revenue and EBITDA expectations (eViscardi and consensus) for the recently ended fiscal year. By contrast, Arques' EBIT of €141.8mn and earnings per share of €4.46 fell significantly short of both forecast and ... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 21. Januar 2008 Risks of a persistant brain drain Third change on the management board within a year Chinese water torture is a method of torture in which victims are strapped down and water is dripped onto their forehead until they suffer such severe stress that they give up their resistance. From an analytical perspective, a management board member's resignation is an event that is difficult to quantify in enterprise valuation. The resignation, one by one, of the entire management board, notably the company founders, notably within a single... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 23. November 2007 The engine is running at full throttle! For Arques, a recession scenario is being discounted Apparently, the capital market is currently misinterpreting the management's willingness to pay positive prices for profitable group spin-offs and seeing it as limitation of the business model. However, the take-overs of Actebis, Woco and Möller, for which Arques is expected to record earnings from... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries 24. August 2007 Ahead of an even stronger Q3 We remain Buyers of Arques. (a) The acquisition of Actebis (sales €2.5bn, EBITDA €32mn) has shown that Arques is also able to acquire larger companies at very favorable prices. (b) The exit from SKS, SKW and Salto has shown, that Arques is able to use different exit channels in equal... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 26. Juli 2007 The largest acquisition in the company's history The acquisition of Actebis is the single largest deal in Arques' corporate history: With 1,300 employees, the IT wholesaler Actebis generated revenues of €2.5bn last year, while EBITDA came to about... ...Subscribe to VISCARDI Research... |
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Research update: Arques Industries AG 25. Mai 2007 Exits gaining in importance Sustained high growth rates: In the first quarter, Arques more than doubled its sales revenues from EUR 140.1mn to EUR 295.5mn. EBIT was up 40% to EUR 25.9mn. In the first quarter, a total of four companies were aquired (Quab, Chicara, Wandried Drcuk Kalden and Van Netten). This resulted in ... ...Subscribe to VISCARDI Research... |
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Research: Arques Industries AG 11. April 2007 Initiation of Coverage Arques Industries specializes in the acquisition and restructuring of corporate spin-offs and small and medium-sized enterprises (SMEs) in what are known as "transitional situations". As a turnaround investor, Arques acquires... ...Subscribe to VISCARDI Research... |